The Finance Ministry’s framework for reforming the Maldives Inland Revenue Authority (MIRA) will be put before the cabinet next week, says Minister Fayyaz Ismail. 

Speaking at an event on Monday to inaugurate the SME Development and Finance Corporation, Fayyaz said that reform of the tax authority is imperative and necessary. 

Minister Fayyaz, who has previously described MIRA as a ‘hindrance’ to local businesses, said that while the new SME program will have far-reaching benefits, it needs to be supported by a fair and transparent tax regime. 

The minister said in an earlier interview with RaajjeTV that MIRA often brings about abrupt changes that have an immense and unjust impact on the business models of local companies. 

The current administration aims to foster entrepreneurial efforts and create an environment of ease for local businesses, Fayyaz said. 

The minister further said that under the new framework, MIRA will effectively serve businesses and preserve the interests of the general public.